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U.S. bill on China's currency does more harm than good: U.S. media


10:28, October 04, 2011

WASHINGTON, Oct. 3 (Xinhua) -- A bill proposed by the U.S. Senate to punish China's alleged currency manipulation will not help the U.S. create jobs, but will lead to negative results, the Washington Post said on Monday.

The Senate is expected to set a procedure vote Monday evening to decide whether to punish China for undervaluing its currency and taking away American jobs.

"It is a counterproductive bill", said the Washington Post in its editorial, adding that punish China's currency will not balance the U.S. trade and create more jobs.

"Ending the trade deficit with China would not necessarily cure the overall U.S. trade imbalance," the newspaper said. "That's because other low-wage countries...could easily take China's place. "

It noted that the components of many "Chinese" goods are already made elsewhere, imported by China for assembly and then re- exported to the United States. Only 20 to 30 percent of the value of Chinese goods in the United States would be affected by a stronger yuan, China's currency, also known as renminbi.

Besides, China is already gradually revaluing its currency, mainly because it must do so to stave off inflation within its own economy.

The Congress's move on currency bill will also harm the global economy, noted the article.

"The world economy has enough problems without adding a U.S.- China trade rift to the list," it added.


Leave your comment14 comments

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Admin at 2011-10-1458.68.145.*
@PD User "12 comments were posted and only 5 exist. Oh the censorship." Can you see the "view" beside the comment box? Click it and it could bring you to all comments. You could have read all the 12 comments before you started complaining.
PD User at 2011-10-1371.100.201.*
I love how Chinese government news says "China"s alleged currency manipulation" when it states later on it states "Besides, China is already gradually revaluing its currency". Also it does not fully state post that the washington post says that the currency is undervalued. Oh boy china. My comment will probably be deleted soon anyway. 12 comments were posted and only 5 exist. Oh the censorship.
PD User at 2011-10-0561.247.1.*
It's just that American conscience cannot carry anymore the burden of guilt that they create themselves.Obama lecturing European Union to issue more fiatmoney without remembering that the most toxic fiatmoney, the US Dollar, started all the financialcrises; now the US Senate blaming China as currency manipulator without remembering that it was the Fed who started all this shenanigan; the USgetting mad at Russia and China for vetoing their proposal to intervene in Syria without any regretof the bloodshed in Libya caused by their proposalbefore this.Mirror, mirror, on the wall, who has the ugliestface on earth?
PD User at 2011-10-04220.255.2.*
For the past 60 years, USA make BIG mistakes one after another. So the next question is " Where are the top brains in USA ? "Oh yes, these people ( the top brains people ) are in New York protesting in Wall Street.So since the top brains are protesting in New York, who are those running the country ?You can easily guess.
Angry_Asian at 2011-10-04220.255.2.*
When time to play hardball, just play hardball with them, the yanks has been treating China as an adverary nation since it"s founding. Stop playing the role of a ATM machine to them.

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